First Bulk Scrap Vessel from Russia Reported at Indian West Coast - Port Data
As per vessel lineup data maintained with SteelMint, India’s first bulk ferrous scrap import vessel from Russia is expected to arrive at Kandla port, on 22nd July 2019.
The said bulk vessel named "Ocean Lady" carrying 31,500 MT of HMS 1&2 (80:20) scrap in entirety, was booked from Russian suppliers by two prominent west coast based steel manufacturers in collaboration, in the month of May’19. According to sources, this vessel could have been booked at around EUR 287/MT (USD 320) CFR Kandla, when global scrap prices were considerably higher in comparison to the current market scenario.
Prior to this a small parcel of 5,000 MT was reported to be booked from Russia in March 2015, thus making this India’s first full bulk scrap vessel booking from Russia. This booking can open up another source of bulk scrap for Indian importers, depending on the viability of shipping from Russia and market dynamics.
Overall, 6 bulk vessels of ferrous scrap have been booked by Indian importers so far in CY 2019, with a total of 223,390 MT ferrous scrap, mainly from USA, UK and Europe. After staying quiet in the 1st quarter, India’s bulk scrap imports picked up since April’19, when 2 vessels from the Netherlands arrived at berth.
Indian imported scrap market standstill - With the current slowdown in Indian market, imported scrap demand is reported to be very low, with significantly cheaper domestic scrap and competitively priced sponge iron being preferred by most steelmakers as high landing cost of imported scrap making it majorly unviable. Offers for Shredded scrap from North America & Europe remain at USD 315-320/MT CFR, while HMS from different origins is being offered in range of USD 300-310/MT depending on quality, amid very limited deals observed.
source: SteelMint
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